Reference is made to the stock exchange release dated 6 June 2016 regarding a long term refinancing plan for the Company.

The Company has now received the required consents from all its lending banks regarding a new senior loan facility in DOF Rederi AS of NOK 3,8 billion.

The Company's banks will as part of the refinancing contribute with a 75% reduction of amortizations on the bank facilities in DOF Rederi AS and the 50%-owned DOF Deepwater AS for a three year period with a total liquidity effect of NOK 1,300 million.

The amended bank facilities are subject to documentation and conditions precedent satisfactory to the lenders and customary for similar transactions and conditional upon, inter alia, completion of the right issue and  restructuring of the bond debt in DOF ASA.

The subscription period for the right issue started this week and Møgster Offshore AS has subscribed 750,000,000 offer shares for a total amount of NOK 750 million, cf. the mandatory notification of trade published on 11 July 2016, and the restructuring of the bond debt was approved by the bondholders in each of the DOF09, DOF10 and DOF11 bond issues on 5 July 2016.

Contact person:

CEO Mons S. Aase, +47 91 66 10 12

CFO Hilde Drønen, +47 91 66 10 09

With a multi-national workforce in excess of 4,000 personnel, DOF ASA is an international group of companies which owns and operates a fleet of modern offshore/subsea vessels, and engineering capacity to service both the offshore and subsea market. With over 30 years in the offshore business, the group has a strong position in terms of experience, innovation, product range, technology and capacity.

DOF’s core businesses are vessel ownership, vessel management, project management, engineering, vessel operations, survey, remote intervention and diving operations primarily for the oil and gas sector. From PSV charter to Subsea engineering, DOF offers a full spectrum of top quality offshore services to facilitate an ever-growing and demanding industry.

The company's main operation centers and business units are located in Norway, the UK, the USA, Singapore, Brazil, Argentine, Egypt, Angola, and Australia.

DOF ASA is listed on the Oslo Exchange since 1997.